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Institutional Presentation

Financial data is presented in accordance to the International Financial Reporting Standards and represents the Company’s

consolidated results in million reais (R$), unless otherwise indicated. Company fiscal year begins in March and ends in

February of the following year (inclusive). The results here presented do not consider the acquisition of SLC Alimentos S.A.,

concluded by Camil in December 2018, except when specified.

This presentation may contain forward-looking statements which are inherently difficult to predict. Actual results could

differ materially for a variety of reasons. Forward-looking statements speak only as of the date they are made and the

Company does not assume any obligation to update them in light of new information or future developments.

This material is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy

or sell any securities or related financial instruments. Likewise it does not give and should not be treated as giving

investment advice. It has no regard to the specific investment objectives, financial situation or particular needs of any

recipient. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or

reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of

their own judgment.

This presentation contains resumed information which shall not be considered complete. Certain percentages and other

amounts included in this document have been rounded to facilitate its presentation. Thus, numbers presented as total in

some tables may not represent the arithmetic sum of the numbers that precede them and may differ from those presented

in the financial statements. Operational data are not audited, as they consist in measures which are not recognized by IFRS

or other accounting standards. Nor this presentation, neither anything here contained, should create basis for any contract

or commitment.

All information here contained are subject to adjustments and revisions without notice. By creating this presentation,

neither the Company, nor any of its affiliated companies, directors, executives or employees assume any obligation to

supply the receiver access to any additional information, update this presentation or any information, or correct any

inaccuracy in any of these information. This presentation does not contain all of the relevant information about the

Company.

Disclaimer

2

I. Camil Alimentos Overview

II. Key Investment Thesis

III. SLC Alimentos Acquisition

Appendix

A. Financial Highlights 4Q18/2018

B. Financial Highlights Latest Results: 2Q19

C. Industry Highlights

D. Selected Comparable Companies

Table of Contents

Section I

Camil Alimentos Overview

5

Purpose and Values

We believe that each person can make a difference in others lives and we exist to nurture

relationships that bring more flavor to the everyday life

Our Purpose

Our Values

TrustWe honor our commitments with seriousness and discipline. We value transparency in our relationships, and

for that, we aim to gain respect and trust.

EntrepreneurshipWe believe in those who dream with the effort and courage of who realize their dreams. This is the driving

force for entrepreneurship and growth with profitability.

EnthusiasmWe express joy, vitality and energy in our everyday life.

Therefore, we inspire people.

ResponsibilityWe prioritize ethics and high quality standards in everything we do. This way we seek to ensure the

sustainability of our business and of the environment, going beyond results.

ProximityWe build strong partnerships as a way of establishing deep lasting relationships with all stakeholders:

consumers, customers, employees and suppliers.

Leading position in all operating markets

– #1 processor and distributor of rice in Brazil (Camil brand)

– #1 processor and distributor of rice in Uruguay (Saman brand)

– #1 processor and distributor of rice in Chile (Tucapel brand)

– #1 processor and distributor of rice in Peru (Costeño brand)

– #1 player in refined sugar in Brazil (União brand)

– #2 player in the canned sardine and canned tuna market in Brazil

(Coqueiro and Pescador brands)

27 processing facilities and 16 distribution centers distributed throughout

LatAm, with operations in 4 countries

Reaches more than 20,000 direct and 285,000 indirect sales points in

Brazil

Exports to more than 50 countries

6

Camil at a Glance

Founded in 1963, Camil is a leading food company in Latin America with a diversified portfolio

of several brands in rice, beans, sugar and canned fish

Notes:

(1) Santa Cruz plant produces both rice and sugar; considers both plants operated by Raízen

(2) Shareholder Structure ended on April 2019; Camil Investimentos includes Quartiero’s participation as individual holders; Free float excludes shares on treasury, related parties and Warburg Pincus

(3) EBITDA and Net Income includes non-recurring events

(4) Includes SLC Alimentos´ acquisition concluded on Dec/2018

(Uruguay)

(Chile)

(Peru)

Grains Processing Facilities: 22 (10¹ in Brazil)

Fish Processing Facilities: 1

Sugar Packaging Facilities: 41,2

Distribution Centers: 16

Rice Producing Regions

Beans Producing Regions

Camil

InvestimentosFree Float

60.6% 8.6% 5.1% 29.3%

2015 2016 2017 2018

Net Revenues 4,229 4,948 4,663 4,749

Growth YoY 15.0% 17.0% -5.8% 1.8%

Gross Profit 1,034 1,221 1,151 1,222

Margin 24.5% 24.7% 24.7% 25.7%

EBITDA 423 547 490 483

Margin 10.0% 11.1% 10.5% 10.2%

Net Income 111 202 251 362

Margin 2.6% 4.1% 5.4% 7.6%

Net Debt 998 1,014 571 1,032

Net Debt / EBITDA 2.4 x 1.9 x 1.2 x 2.1 x

Highlights Processing and Distribution Platform¹

Shareholder Structure² (%) Financial Highlights (R$mn)3,4

Leadership positioning in all segments and countries in which it operates, Camil is one of the largest food companies in LatAm

7

Timeline

Present for more than 50 years in the Brazilian everyday life, Camil grew in South America grains segment and expanded its portfolio

into new categories

Acquisition of

SLC Alimentos;

Sale of La Loma

Foundation, in the city

of Itaqui-RS

1963

Pioneer in distributing

packed rice (migration

from rice in bulk)

1974

Inauguration of the

distribution center in SP

1975

Beans

commercialization

1987

Acquisition of SAMAN

Brazil in Pernambuco

2001

Acquisition of Camaquã

plant in RS

2002

Logistics expansion: new

subsidiaries in North and

Northeast regions

2005

Acquisition of

in Uruguay

2007

Acquisition of Rio

Grande plant

20082009

Acquisition of

in Chile

Acquisition of the brand

Bom Maranhense

2010 2011 2012 2014

Acquisition of

in Peru

60’s: Foundation 80’s: Organic Expansion 90’s: Professionalization

2000’s: Acquisitions / International Expansion

2017

Camil’s

IPO

2017/2018: Recent Transactions

Acquisition of canned fish

and Costeño

Acquisition of sugar

category

2013

Acquisition of

Carreteiro and

in Argentina

2018

Private Equity History

1998 – 1st Private Equity: TCW (acquisition of

cooperative’s participation 50%)

2006 – TCW divestment (by leveraging Camil)

2011 – Gávea’s investment (31.75% of Camil)

2016 – Gávea’s divestment (by Warburg Pincus

by same Portfolio Manager)

2016 – Warburg Pincus investment

2017 – Warburg Pincus partial divestment (sale

of 23% participation on IPO; remains with 9%

stake)

2001 – SAMAN Brazil, in Pernambuco (Brazil)

2002 – Camaquã Plant (Brazil)

2007 – Saman (Uruguay)

2009 – Tucapel (Chile)

2010 - BB Mendes (Brazil)

2011 – Pescador (Canned Fish – Brazil)

2011 – Coqueiro (Canned Fish – Brazil)

2011 – Costeño (Peru)

2012 – União and Da Barra brands (Sugar - Brazil)

2013 – Carreteiro (Brazil)

2013 – La Loma (Argentina) – sold on 2018

2014 – Paisana (Peru)

2018 – SLC Alimentos (Brazil)

Camil Acquisitions

8

Camil’s IPO

Camil successfully completed its Initial Public Offering on September 2017

Ownership Structure IPO Highlights

Camil is listed on B3’s

Novo Mercado segment, the highest level

of corporate governance

R$9.00 / sharePriced on September 26, 2017

41.0 million ONs Primary Offering

86.5 million ONsSecondary Offering

R$1.2 billionOffering Size

R$357.0 millionNet proceeds from Primary Offering

As of April, 2019

(1) Shareholder Structure ended on May 2019; Camil Investimentos includes Quartiero’s participation as individual holders; Free float excludes shares on treasury, related parties and Warburg Pincus

Camil

InvestimentosFree Float

60.6% 8.6% 5.1% 29.3%

FishSugar

Grains - InternationalGrains - Brazil

9

Product Portfolio

Complementary product portfolio composed of high value added items

Value addedBiscuits

Core

Main products across the segments that Camil operates

Value added

Grains Sugar Fish

Brazil1 Uruguay Chile Peru

Grains

Sardine

Top of

Mind10 60% 83%

47% Sardine

37% Tunan.a. 50% 72%

Facilities

(# plants)10¹² 4 1 7¹¹ 2 3

Diversification Across 3 Products Categories

10

EBITDA

2018

(Fev-19)

R$177 mm

(37% of total)

R$307 mm

(63% of total)

Main

Brands

Market Share

2nd

41%6

2nd

24%6

1st

9%2,3

1st

32%5

Tuna

1st

48%7

1st

31%8

1st

41%9

Sardine

Net Revenue

2018

(Fev-19)

R$1.4 bn

(30% of total)

R$3.3 bn

(70% of total)

Business Divisions Overview

2nd

9%2,4

Rice Beans

Notes:

(1) Market shares referring to total Camil Company brands; (2) Market share Camil + SLC Alimentos; (3) Nielsen Retail Index for Rice (INA Dec18-Jan19); (4) Nielsen Scantrack Index for Beans (INA Dec18-Jan19) Considering Data with Cash and

Carry, Camil is #2 player; (5) Nielsen Retail Index for Sugar Out18-Nov18; (6) Nielsen Retail Index for Sardine and Tuna (Dec18–Jan19); (7) Uruguay: Market share local market + exports - Consecha Comision Sectorial del Arroz. Local market only:

42% (#2 player); (8) Nielsen Scantrack Chile Dec18-Jan19; (9) Kantar Worldpanel Peru Dec18–Jan19; (10) Top of Mind Camil Ipsos, Jan19; (11) Data does not include Arrozur’s plant in Uruguay; Company which Saman has 49% share; (12)

Includes SLC Alimentos´ acquisition on Dec/18

Rice

1º

9%2,3

1º

32%5

2º

41%6

2º

24%6

1º

9%2,4

Sugar Canned FishGrains

Beans Sardines TunaSugar

Uruguay7

Chile Peru

1º

48%

1º

33%8

1º

33%9

Brazil

In

tern

atio

nal

11

Recognized Brands, Leadership and Innovation

Broad consumer recognition and innovation leads to several awards and market leading positions

& win the

award for best brands of

Rice and Beans, and

Sugar, by Datafolha

Camil brands win the

award for Top 5 brands of

2018 for Sugar and Tuna,

by Super Varejo Magazine

Aug/2018

Aug/2018

• IR Magazine Awards 2018

• Recognitions by Institutional Investor 2018

• As Melhores da Dinheiro Rural 2018

• Valor 1.000 2018

• Melhores e Maiores Exame 2018

• Selo RA 1000 2018 – Reclame Aqui

• Prêmio APAS Acontece 2018 e 2017

• Troféu Carrinho de Ouro 2017

Other Awards Camil

Notes:

(1) Market shares referring to total Camil Company brands; (2) Market share Camil + SLC Alimentos; (3) Nielsen Retail Index for Rice (INA Dec18-Jan19); (4) Nielsen Scantrack Index for Beans (INA Dec18-Jan19). Considering Data with Cash

and Carry, Camil is #2 player; (5) Nielsen Retail Index for Sugar Out18-Nov18; (6) Nielsen Retail Index for Sardine and Tuna (Dec18–Jan19); (7) Uruguay: Market share local market + exports - Consecha Comision Sectorial del Arroz 2016/17.

Local market only: 42% (#2 player); (8) Nielsen Scantrack Chile Jun17-Aug18; (9) Kantar Worldpanel Peru Aug18-Sep18;

• Camil Minuto Caseiro (Instant Rice)

• Rice Biscuit (small package)

• União: Cake mix

• Partnership – Natural Sweetener

• New sardine and tuna fillets

Brands

Awards Leadership¹

Innovation

169123 142

209

315375 361

423

547490 483

11,1%9,4% 10,1%

11,7% 11,3% 10,5% 9,8% 10,0% 11,1% 10,5% 10,2%

22,9% 22,8% 24,2%27,1%

24,1% 24,5% 23,2% 24,5% 24,7% 24,7% 25,7%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

EBITDA EBITDA Margin Gross Margin

58 71 5674

137 124105 111

202

251

362

3,8%

5,4%

4,0% 4,1%

4,9%

3,5%

2,9%2,6%

4,1%

5,4%

7,6%

00%

01%

02%

03%

04%

05%

06%

07%

08%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Net Income Net Margin

1.5131.313 1.407

1.784

2.776

3.582 3.676

4.229

4.9484.663 4.749

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Camil historically posted solid and profitable results

Even in a challenging environment,

Camil was able to post double-digit

growth, maintaining profitability

12

Solid Business Model with Stable and Resilient Margins

CAGR+13%

CAGR+20%CAGR+11%

Notes:

Company fiscal year begins in March and ends in February of the following year (inclusive).

Camil: Net Revenue (R$mm) Net Revenue by Segment (R$mm)

EBITDA Evolution (R$mm) Net Profit Evolution (R$mm)

Excluding non-recurring events,

2018 Net Income reached

R$246mn (5.2% margin)

2.640 2.601 2.9353.683 3.331 3.346

942 1.0751.294

1.2651.332 1.4023.582 3.676

4.229

4.9484.663 4.749

25%23%

24% 25% 25%26%

2013 2014 2015 2016 2017 2018

Food Products Brazil Food Products International Gross Margin

Section II

Key Investment Thesis

Wide Distribution

Network Reaching

more than 400k POS

2

Market Leader with

Iconic Brand

Recognition

1

Solid Business

Model with Stable

and Resilient

Margins

3

Key Investment Thesis

Solid Cash Flow

Generation

Supported by Strong

Operating Results

6

14

Investment Grade

Indebtedness Profile

5

Seasoned

Management Team

and the Highest

Standards of

Corporate

Governance in Place

4

Iconic Brand Recognition… …Leading to a Leadership Position in all Sectors & Regions1

15

Brazil – RICE2,3

#1 9%

#2 Player 2 4%

#3 Player 3 3%

Peru – RICE9

#1 33%

#2 Player 2 5%

#3 Player 3 4%

Chile – RICE8

#1 33%

#2 Player 2 17%

#3 Player 3 (PLs) 43%

Brazil – REFINED SUGAR5

#1 32%

#2 Player 2 19%

#3 Player 3 15%

Brazil – SARDINE6

#1 Player 1 47%

#2 41%

Brazil – TUNA6

#1 Player 1 58%

#2 24%

Uruguay – RICE7

#1 48%

#2 Player 2 40%

Percentage values indicate market

share in terms of volume.

Market leader in São Paulo City:

Rice 40% market share10

Rice: 60% Top of Mind¹¹ in São Paulo

One of the most complete line of

products: More than 10 variations of

grains, including ready to eat

One of the most complete line of

products: traditional and new

segments (i.e. “Fit” sugar, Sucralose,

Naturals)

Top of Mind leader (83%)¹¹

“Top-5 Suppliers” Award (#1)

Complete line of products: Tuna,

Sardines, Tuna Sauces and Pâtés

65% Top of Mind in Sardine and

56% in Tuna¹¹

“Top-5 Suppliers” Award

(Sardine #1; Tuna #2)

Notes:

(1) Market shares referring to total Camil Company brands; (2) Market share Camil + SLC Alimentos; (3) Nielsen Retail Index for Rice (INA Dec18-Jan19); (4) Nielsen Scantrack Index for Beans (INA Dec18-Jan19); (5) Nielsen Retail Index for

Sugar Out18-Nov18; (6) Nielsen Retail Index for Sardine and Tuna (Dec18–Jan19); (7) Uruguay: Market share local market + exports - Consecha Comision Sectorial del Arroz 2016/17. Local market only: 42% (#2 player); (8) Nielsen Scantrack

Chile Jun17-Aug18; (9) Kantar Worldpanel Peru Aug18-Sep18; (10) Nielsen Retail Index for Rice INA Dec18-Jan19 Market share Camil + SLC Alimentos (11) Top of Mind Camil Ipsos, Jan19;

Brazil – BEANS2,4

#1 9%

#2 Player 2 7%

#3 Player 3 5%

Market Leader with Iconic Brand Recognition

Ow

n Sales Fo

rce

34%

33%

26%

7%

Whole

sale

Retailers

Key A

ccounts

Ou

tso

urced

Sales

Fo

rce

Dis

trib

utor

#

Indicates the

representativeness of

direct points of sale

by region in Brazil

28%

12%

14%

41%

4%

% Sales

Fev/2018

95% of sales made by the

company’s own sales force

and 5% from distributors

(canned fish)

More than 14,000 direct and

300,000 indirect point of

sales in Brazil

16

Accounts / Retailers

Wholesale Stores

Strong distribution network with more than 400,000 points of sale, favoring the business expansion to new segments

Wide Distribution Network Reaching more than 400k POS

2.640 2.601 2.9353.683 3.331 3.346

942 1.0751.294

1.2651.332 1.4023.582 3.676

4.229

4.9484.663 4.749

24,5%23,2%

24,5% 24,7% 24,7%25,7%

2013 2014 2015 2016 2017 2018

Food Products Brazil Food Products International Gross Margin

169123 142

209

315375 361

423

547490 483

11,1%9,4% 10,1%

11,7% 11,3% 10,5% 9,8% 10,0% 11,1% 10,5% 10,2%

22,9% 22,8% 24,2%27,1%

24,1% 24,5% 23,2% 24,5% 24,7% 24,7% 25,7%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

EBITDA EBITDA Margin Gross Margin

1.5131.313 1.407

1.784

2.776

3.582 3.676

4.229

4.9484.663 4.749

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Despite the slowdown in the Brazilian economy, Camil posted solid results maintaining EBITDA margin over +10%

Even in a challenging environment,

Camil was able to post double-digit

growth, maintaining profitability

17


CAGR+13%

CAGR+11%

Notes:

Company fiscal year begins in March and ends in February of the following year (inclusive).

Net Revenue (R$mm)

Net Revenue by Segment (R$mm)EBITDA (R$ millions)

and Margin (% of Net Revenues)

During 2015-16, the GDP decreased 7.2%

- returning to pre-2010 levels

Brasil: GDP and Retail Sales (% growth, real terms)

10,9%

6,7%

8,4%

4,3%

2,2%

(4,3)%

(6,3)%

2,0% 2,3%

7,5%

3,9%

1,9%3,0%

0,1%

(3,8)% (3,6)%

1,0%1,1%

2010 2011 2012 2013 2014 2015 2016 2017 2018

Retail Sales Total GDP

18

The segments in which Camil operates present active price dynamics, with weekly price pass-through, ensuring stability of margins

Rice – Market¹ vs. Camil’s prices Beans – Market² vs. Camil’s prices

Sugar – Market³ vs. Camil’s prices Canned Fish – Camil Gross Price (in R$/kg)


(Cont´d)

Notes: (1) CEPEA; rice indicator Esalq/Senar-RS 50kg; (2) Agrolink; beans indicator Sc 60kg; (3) CEPEA; Cristal Sugar indicator Esalq-SP 50kg

Adjusted selling price (1)

(CIF - R$/30kg)

Notes:

(1) Adjusted by the monthly inflation of the period, since Jan/2006

(G

ro

ss m

arg

in

)

Average

sale price

(R$/30kg)

Average

cost

(R$/30kg)

Sale / CostGross

marginYear

2006

2007

39.4 22.7 1.7x 27.9%

2008

42.0 24.8 1.7x 25.9%

2009

53.9 34.2 1.6x 24.9%

2010

51.0 30.8 1.7x 24.6%

2011

50.5 28.6 1.8x 25.1%

2012

45.5 25.1 1.8x 27.2%

2013

55.8 34.4 1.6x 26.3%

2014

59.2 35.5 1.7x 22.8%

2015

63.5 36.9 1.7x 24.2%

2016

67.3 37.4 1.8x 24.5%

80.5 46.5 1.7x 24.7%

19

Subtitle

Average purchase price (CIF - R$/30kg)

Gross margin (% net revenue)Average selling price (CIF - R$/30kg)

2017 74.0 39.8 1.9x 24.7%

Since 2006, Camil maintained gross margin of 22.5% - 28.0%, mainly due to its weekly pricing capacity

Business Model: Proven Cost Transfer Capability (rice case)


(Cont´d)

2018 75.9 41.2 1.8x 25.1%

Rice

Brand

Agriculture Origination

Su

gar

Can

ned

Fish

Processing Packaging Distribution MarketingPricing and Purchasing

Strategy

Weekly purchases at spot price

Provision of storage to producers

throughout the year: benefits from

logistics costs increasing Camil’s

bargaining power

Regulated price system protects Saman’s

margins

Price paid to producers based on Saman’s

sale price (no FX risk despite the export-

led model)

Local purchases at market price (c. 50%)

Also imports rice from Saman

Most part of its rice imported rice from

Saman

Long term supply contract with Raízen

with guaranteed volume (take-or-pay)

Based on a market price derived from

international sugar prices

Super Barra: project to internalize the

process of packaging by Camil

Acquisition from fragmented suppliers at

market prices, complemented by import

contracts

Concentrated industry favors price

discipline

20


(Cont´d)

Main Competitor

União: Brand of strong emotional bond, preferred by consumers and with greater perception of value!

Unique Footprint

150,000 points of sale

reaching big part of the

population

Wide presence across all

States of Brazil

Pricing Power

"Brand of sugar": higher

prices compared to the

main competitors

Market Leadership Absolute Leadership with

83% of Top of Mind¹

Total Company refined

sugar brands have 36%²

market share

Market Share

21Notes: (1) Top of Mind Camil Ipsos, Jan19; (2) Nielsen Retail Index for Sugar Dez-Jan19; (3) Price Index Nielsen

115

100

Sugar price³

1º

+5%

105

100

Camil Others

Rice Strategy

Replicating the sugar model

from commodity to brand

Increase premium price

Rice price³

Others

Premium Price | Sugar Case Study and Rice Strategy

+15%

36%

22

Rice | Broad Product Portfolio

Tailored product offering for targeted consumer segments across Brazil

Premium

Upper mainstream

Mainstream

Value Priced Products

Notes: (1) White rice price index Nielsen Retail Index

Avg. national prices

Avg. regional prices

95

100 100

115

Portfolio Camil¹Product Portfolio - Breakdown

Avg market

selling price

115

Avg market

selling price

105

Avg market

selling price

100

Avg market

selling price

95

Product Shelving

105

23

Fragmented Industry with high opportunity for expansion and consolidation

Historical Volume

Market Share (in volume)

Market Share¹

Fragmented market:

Top 5 players have 25% of

market share

1º

Rice Market Share

% of Camil’s rice market share1,2

% of total rice market share

IV III

II

I

V

51%

4%

7%

10%

22%

7%

7%

23%

21%

16%

VII5% 12%

VI1% 13%

Brazil – RICE2,3

#1 9%

#2 Player 2 4%

#3 Player 3 3%

Product Portfolio

Mai

nst

ream

Val

ue

pri

cin

g b

ran

ds

538

556

600 596

630

201

4

201

5

201

6

201

7

201

8

Wide and fragmented market

High industry consolidation

opportunity

Rice Industry

Ton mm

Last 5y

Brazil Food Segment | Rice

Notes:

(1) Market shares referring to total Camil Company brands; (2) Market share Camil + SLC Alimentos; (3) Nielsen Retail Index for Rice (INA Dec18-Jan19)

126

147 147 150139 143 137 137

121138

146137 135

145159

147 148

168156

144136 136

163

198

0

50

100

150

200

250

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

24

Ton mm

Last 5y

Fragmented Industry with high opportunity for expansion and consolidation

Historical Volume

Market Share (in volume)

Market Share¹

Wide and fragmented market

High industry consolidation

opportunity

Product Portfolio

Mai

nst

ream

Val

ue

pri

cin

g b

ran

ds

Beans Industry

Fragmented market:

Top 5 players have 20% of

market share

1º

Beans Market Share

% of Camil’s beans market share1,2

% of total beans market share

IV III

II

I

V

49%

7%

2%

4%

37%

15%

23%

18%

12%

17%

VII1% 3%

VI1% 10%

Brazil – BEANS2,4

#1 9%

#2 Player 2 7%

#3 Player 3 5%

Brazil Food Segment | Beans

Notes:

(1) Market shares referring to total Camil Company brands; (2) Market share Camil + SLC Alimentos; (4) Nielsen Scantrack Index for Beans (INA Dec18-Jan19)

17 19 19 20 19 18

17 14

17 19

17 16 16

20 21 19

20 19

16 16 17 19 20

23

-

5

10

15

20

25

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

68 69

76

72

80

201

4

201

5

201

6

201

7

201

8

"Brand of sugar": higher

prices compared to the

main competitors

25

Sugar: wide, resilient and consolidated industry

Historical Volume

Market Share and Pricing Power Product Portfolio

Mai

nst

ream

Val

ue

pri

cin

g b

ran

ds

Brazil – REFINED SUGAR¹

#1 32%

#2 Player 2 19%

#3 Player 3 15%

1º

Sugar Market Share

115

100

Sugar price²

Pricing Power

Consolidated Industry:

top 3 players have 65% of

the market

Consolidated industry

Concentrated on one supplier – long

term contract, take-or-pay

Sugar IndustryTon mm

Last 5y

Brazil Food Segment | Sugar

Notes: (1) Nielsen Retail Index for Sugar Out18-Nov18; (2) Price Index Nielsen

+15%

Main Competitor

148 155

163

145 151

161

149

129 137

153

144

111

138 142

148

125

152

138 132

118 123

132 135 135

100

110

120

130

140

150

160

170

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

591

545 553

541

526

201

4

201

5

201

6

201

7

201

8

26

Canned Fish: consolidated industry, with growth in consumption and seasonality on Lent period

Historical Volume

Market Share Product Portfolio

Mai

nst

ream

Val

ue

pri

cin

g b

ran

ds

2ºSardine Market Share



the market

Consolidated industry

Growth in consumption of canned fish

Seasonality on lent period

Canned Fish Industry

Brazil – SARDINE1

#1 Player 1 47%

#2 41%

Brazil – TUNA1

#1 Player 1 58%

#2 24%

2º Tuna Market Share



the market

Ton mm

Last 5y

Brazil Food Segment | Canned Fish

Notes: (1) Nielsen Retail Index for Sardine and Tuna Dec18–Jan19;

7 7 8

11

6 5

8

12

7 6

11 12

8 8 9

14

8 6

11 11

5

8

10

12

-

2

4

6

8

10

12

14

16

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

32

37 40

36 35

201

4

201

5

201

6

201

7

201

8

5.4%

2.5% 1.9%R$342bi

Chile

ready for

new

categories

27

Consolidation of the Brazilian grains market coupled with geographical expansion

Consolidation

New Categories

1

2

Rice sales Growth

(CAGR 2016-2021)

New markets and long-term opportunities in new regions

Regions with focus

on expansion

New markets

ArgentinaPeru Colombia

High growth opportunities

Pasta - R$8.1 bi

Coffee - R$19.7 bi

Flour - R$12.5 bi

2%

6%

4%

88%

Camil's wide distribution network allows synergies in expansion to

other categories

Packaged Market

Rice

Bean

s

IV III

II

I

V

7%

6%

23%

21%

16%

VII11%

VI14%

IV III

II

I

V

17%

20%

20%

12%

17%

VII4%

VI10%

% of beans consumption by region

Notes:

(1) Market share Camil + SLC Alimentos; (2) Nielsen Retail Index for Rice (INA Dec18-Jan19); (3) Nielsen Scantrack Index for Beans (INA Dec18-Jan19) Considering Data with Cash and Carry, Camil is #2 player

% of rice consumption by region

New Geographies3

1º

Rice Market Share

Brazil – RICE1,2

#1 9%

#2 Player 2 4%

#3 Player 3 3%

1º

Beans Market Share

Brazil – BEANS1,3

#1 9%

#2 Player 2 7%

#3 Player 3 5%

Growth Opportunities

28

26 26

Luciano Quartiero¹

CEO

Ex-CFO of Camil Alimentos

Post-Graduate in Finance from the University of California, USA and

MBA at IBMEC, Brazil

Graduated in Business Administration from PUC / SP, Brazil

k

10 31

Previous experience in Casarin, Saman and Josapar companies in

the areas of sales and supplies

Graduated in Agricultural Engineering from Federal University

MBA FGV in Business Management and Marketing Management

André Ziglia

Supply Director

6 23

Max Sommerhauzer Vaz da Silva

Commercial Director

Former Commercial Director of Cosan S.A.

Former Commercial Manager and Marketing of Agricultural

Machines Jacto S.A.

Post-Graduate in Business Administration from FIA / USP

Graduated in Agronomy from Universidade Estadual Paulista UNESP

- Jaboticabal

Flavio Vargas, CFA¹

CFO and IR Director

Ex-CFO of Smiles S.A.

Ex-Director of Fleet and Treasury of Gol Linhas Aéreas S.A.

MBA, with honors, in Finance from NY University, Stern, EUA

Graduated in Mechanical Engineering from Escola Politécnica,

Universidade de SP, Brazil

2 21

Renato Gastaud

LatAm Director

Former Superintendent and Industrial Director of Josapar

He has relevant experience in rice, market in which it has been

inserted for 39 years, of which 15 in Camil

Graduated in Agricultural Engineering at UFPEL / RS

16 40

Renato Costa

Industrial Director

Former Industrial Director of Kraft Heinz

He has relevant experience in the industrial area, having passed

through Suzano and Ambev, where for 16 years he held various

positions in logistics and management

Graduated in Mechanical Engineering from UMC and holds an MBA

in Marketing from FGV and in business management from IBMEC /

SP2 20

Notes:

(1) Statutory directors.

Leadership with Wide Experience in the Sector

All Camil's directors have experience in their respective areas of expertise

Christina Larroude

Marketing Director

Experienced marketing leader in FMCG market

2nd line leadership positions in Companies such as P&G and J&J in

multiple segments (Laundry, Beauty, Personal and Baby Care, OTC)

Graduated and MBA in Business Administration in FGV/EAESP, major

Marketing5 20

Erika Magalhães

Human Resources Director

Ex - HR Vice President at Estacio Participações

Ex – Director at Allied Tecnologia

20 years of HR experience, having passed trough in Ambev, Noble

and Grupo Libra.

MBA in Finance from ESAMC, with graduate in Administration at

UNIFEV, and Psychology at UNP-PB.1

Claudio Giglio¹

Legal Officer

Camil’s former Tax Officer;

Graduated in Accounting and Law from the Federal University of RS;

Knowledge in corporate reorganizations and in direct and indirect

taxes.

8

20

25

Years of experience in Camil

Legend

Years of experience in the market

29

Jairo Quartiero

(Chairman)

Piero

Minardi

(Warburg Pincus)

Alain

Belda

(Warburg Pincus)

Thiago

Quartiero

Jacques

Quartiero

José Fay

(Board Member at J.Macedo

former CEO of BRF)

Carlos Júlio

(Former CEO of Tecnisa

and HSM do Brasil)

Founding

Family

Warburg

Pincus

Independent

Members

Listing on Novo Mercado, highest

Corporate Governance standard at

B3

Common voting shares only

100% Tag along

2 or 20% of independent Board

Members

Minimum Free Float of 25%

OPA by fair value

Evaluation of Board of Directors,

Management, and Committees

Minimum dividend/JCP of 25% of

the net profit (after legal reserves

and contingencies – in compliance

with Law No 6.404)

Since 2008, the Board of Directors

is responsible for general strategic

policies

2 independent Board Members

12 meetings/year on average

Election for unified terms of 2 years

Re-election is permitted.

(+) 4 Committees elected:

Financial Committee

Audit Committee

Personnel Management Committee;

and

Ethics Committee

Solid Corporate Governance

Camil has high levels of controls and corporate governance, being supported by

independent board members for +10 years and being audited for +15 years (big 4)

Board of Directors Corporate Governance

30

Elaborate and recommend the approval of the Company’s financial policies, as well as monitoring and analysis of its

effectiveness and implementation

Periodically analysis of the company’s budget, monthly; quarterly and annual results; investment plan, etc

Periodically analysis of the impact of the company’s investment and financing plan on its capital structure

Define parameters to maintain the company’s capital structure and liquidity; among other responsibilities

Total members: 3 to 5, with at least 1 member from the BoD

Assist the Board of Directors in respect to accounting, internal controls, financial reports, auditing and compliance

matters

Support in the hiring and/or destitution of independent auditors

Supervision and monitoring of the company’s internal audit area activities; among other responsibilities

Total members: 3 to 5, with at least 1 member from the BoD

Composed by the CEO, Vice-President, CFO in addition to Legal, Audit and Human Resources personnel

The Ethics Committee is mainly engaged in the reinforcement and monitoring of transparency and best practices by

shareholders, board, suppliers, clients, third parties, employees, etc

Main monitoring activities: protection of confidential information (including third parties), gifts and entertainment,

sexual and moral harassment, conflicting interests, sustainability, safety, among others

Financial

Audit

Ethics

Analysis and recommendation of changes in remuneration policies, including salary adjustments, personnel goals, etc

Analysis and report on special conditions for hiring and dismissal of directors

Continuously contribute to the company’s succession plan (president and directors); among others responsibilities

Total members: minimum of 4 members, with at least 1 members from de BoDPersonnel

Management

Solid Corporate Governance

(Cont’d)

Well-defined committees structure aiming to enhance the company’s organizational policies and

comply with the best corporate practices

Committees Main Responsibilities/Guidelines

Since 2008, the Board of Directors is responsible for general

strategic policies

2 independent Board Members

12 meetings/year on average

Election for unified terms of 2 years

Re-election is permitted.

(+) 4 Committees elected:

Financial Committee

Audit Committee

Personnel Management Committee; and

Ethics Committee

Listed on Novo Mercado, highest Corporate Governance standard

at B3

Common voting shares only

100% Tag along

2 or 20% of independent Board Members

Minimum Free Float of 25%

OPA by fair value

Evaluation of Board of Directors, Management, and Committees

Minimum dividend/JCP of 25% of the net profit (after legal

reserves and contingencies – in compliance with Law No 6.404)

• Financing Program for the Smaller

Producers (education, assistance with

agronomists and monitoring)

• Monthly Donation of Staple Baskets

Products

• Product Portfolio and Communication

focused on Health

• Education for Healthy Eating in Social

Media

• HACCP

• Biomass - Thermoelectric Plant in Itaqui and Capão do Leão

• Effluent Treatment (Industrial Process)

• Fish - Dolphin Free

Solid corporate governance focused on value creation for shareholders and commitment to environmental and social practices

31

Environmental Governance

Social

Environmental, Social and Governance (ESG)

Section III

SLC Alimentos Acquisition

33

M&A: SLC Acquisition - Transaction Summary

Acquisition

Investment

Overview

Acquisition

100% of SLC Alimentos Ltda.

from Grupo SLC Participações

Total: R$308mn, divided by R$140mn in cash (+) R$40mn of retention (+) R$128mn of net debt¹

Acquisition aligned to the Company’s expansion strategy and an important step towards the consolidation of the

grain market in Brazil

• Consolidation of the grain market in Brazil

• Portfolio composed with relevant brands in the value pricing segment and brand

• Increase in volumes on rice and beans category, strengthening Camil’s competitiveness

• Growth acceleration on South, Southeast and Northeast regions in Brazil

• Complementarity of logistics and distribution platforms

• Operational and commercial potential synergies

Approvals and

Closing

Concluded:

• Oct. 26, 2018: Board of Directors Approval

• Oct. 26, 2018: Signature of the SPA

Next steps (Estimated):

• Nov/2018: CADE’s analysis

• Dec/2018: Closing

Brands

Industrial Facility and

Distribution Center

Simões Filho/BA

Caucaia/CE

Conceição do Araguaia/PA

Porto Alegre/RS

Jandira/SP

Distribution Centers

1

2

3

4

5

12

3

4

5 1

2

3

4

5

Jaboatão dos Guararapes/PE

Paraíso do Tocantins/TO

Tatuí/SP

Alegrete/RS

Capão do Leão/RS

1

2

3

4

5

Industrial Facilities

Commercial

office

Headquarters

Porto Alegre/RS

6

34

SLC Acquisition: Overview

Ex-subsidiary of SLC Participações Group

Founded in December 2000

and three other brands in the portfolio.

Brand was awarded prizes for top of mind

Net Revenue reached R$512mn and EBITDA R$32mn in

20174

Approx. volume of 205k tons in rice and 16k tons in

beans in 2017

5 industrial facilities (closing of 3 facilities in 2019) and 8

DCs in Brazil

SLC Alimentos Incorporated by Camil Alimentos on

March/2019, as approved by the Shareholders’ Meeting

Source:

1- SLC Alimentos; 2- Nielsen Retail Index Monthly, Acum. INA Dec18-Jan19); 3- Nielsen Scantrack, Acum. INA Dec18-Jan19);

4- Calculated based on Financial Statements which were audited by E&Y from January to December 2017.

Overview¹ Market share

Rice - Market share (%)²

Company

7.4% 1.8%

Main Brand

Beans - Market share (%)³ 8.1% 1.0%

Brands¹

Namorado

Rice: white, parboiled, whole-grain

Beans: black, carioca, red and white

Lentils

Namorado Gourmet

Rice

Export: Angola, Cape Verde, Canada,

USA, England, Uruguay

Butuí

Rice: white e parboiled

Beans: black and carioca

Present in Northern region, SP and MG

Bonzão

Rice: white rice and rice for dogs

Present in the northern region

Americano

Rice: white rice

Main markets: Tocantins, southern Pará

and southern Maranhão

Brands Camil and Namorado combined hold approx. 9% of the rice and beans

market in Brazil

Brasília/DF6

35

SLC Acquisition: Financial and Operational Highlights

Source

1- SLC Alimentos – audited data from Jan-17 to Dec-17; Camil data from Mar-17 to Feb-18

12M17Period ended on Feb. 28, 2018 Dec. 31, 2017

12M17 12M17 12M17Audited Audited Pro-forma

Volume Grains Brazil (k ton)

Grains 668,5 221,0 889,5

Rice 596,1 205,0 801,1

Beans 72,4 16,0 88,4

Financial Statements (R$mn)

Net Revenues 4,663 512 5,175

(-) Cost of Sales and Services (3,513) (400) (3,913)

Gross Profit 1,151 112 1,263

(-) SG&A (782) (86) (868)

(+/-) Other Operating Income and Result in Uncons. Subs.

31 - 31

EBIT 400 26 426

(+/-) Finacial Result (74) (13) (87)

Pre-Tax Income 325 13 338

(-) Total Income Taxes (75) (1) (76)

Net Income 251 12 263

EBITDA Reconciliation

Net Income 251 12 263

(-) Net Finacial Result 74 13 87

(+) Income Taxes 75 1 76

(+) Depreciation and Amortization 90 6 96

(=) EBITDA 490 32 522

Margins

Gross Margin 24.7% 21.9% 24.4%

EBITDA Margin 10.5% 6.2% 10.1%

Net Margin 5.4% 2.7% 5.1%

+

3.157

4.229

4.948

4.663

423

547

490

111

202

251

571

308

457

563

512

35

37

32

24

10

12

128 180

Firm Value

2015A

2016A

2017A

2015A

2016A

2017A

2015A

2016A

2017A

Net Debt 2017

36

Combined Historical Financial Highlights1

(R$mn)

SLC AlimentosCamil

10.6%

10.1%

3.9%

5.1%

ComboC S

91% 9%

90% 10%

90% 10%

90% 10%

92% 8%

94% 6%

94% 6%

82% 18%

95% 5%

95% 5%

72% 28%

9.8%

2.9%

11.1% 6.5%

10.5% 6.2%

6.4%

5.4%

1.2x 4.0x 1.7x

Combo

10.0% 7.7%

5.4%

Fin

an

cial In

dicato

rs

Deb

t

Net R

evenues

EBITD

A /

margin

Net P

rofit/

margin

Leverage

(DL/EBITDA 17)

Valu

e

1.7%

2.4%

5.2%

Source:

1- SLC Alimentos – audited data from Jan-17 to Dec-17; Camil data from Mar-17 to Feb-18

2- SLC Alimentos was bought by leverage increase (R$308mn being R$180mn Equity and R$128mn SLC Debt)

3- Camil Alimentos S.A. and SLC Agrícola Ltda. Market Share Data Nielsen (Retail + Wholesale)

Market Share Brazilian Rice per Region

SLC Acquisition: Pro-forma

Estimated Synergies

Synergies by COGS and G&A:

approx. R$10 million/year

(+)

Synergies by tax credits:

R$80 million

Supplies

1

2

3

4

5

6

Industrial

Logistics

Administrative

Capital Structure

Sales

Main sources of synergies:

7%

32%

1%

8%

8%

2%

21%

2%

2%

5%

3%

2%

2%

0%

0%

0%

Total Brazil

Greater São

Paulo

South

NE

Int. São Paulo

SE (ex-SP RJ)

Rio de Janeiro

Midwest

9%

ComboCombo

37%

4%

10%

10%

2%

21%

2%

3,465

4,686

5,511

5,175

458

584

522

135

212

263

879²

Camil

Market leader with unique brand awareness4

Wide distribution network reaching more than 300k POS5

Compelling Business Model with Stable and Resilient Margins6

Seasoned management team and the highest standards of corporate governance in place7

Strong Cash Position and Investment Grade Indebtedness Profile8

Access to cheap financing Alternatives and Local DCM9

Key Takeaways

Market

Resilient demand

The Company’s main market proves resilient to economic downturns as the consumption of rice and beans has a strong cultural appeal, being a pillar of

the Brazilians’ typical diet

1

Low exposure to fluctuations in commodities prices

The market dynamics differ materially from the general commodity market, as the quality perception and brand awareness are key factors in customers’

buying decision process

2

Weekly price pass-through

The grains and sugar retail markets present active price dynamics, with weekly price pass-through, ensuring stability of margins. The canned fish market

is going through a change in its price dynamics, in which price pass-through is becoming more frequent

3

Growth Avenues

Consolidated platform uniquely positioned for sustained organic growth

Camil has a consolidated and scalable distribution platform, positioning the company to leverage on the development of new segments and change in

consumers habits

10

High potential for inorganic growth

Leadership position across all segments the Company operates, coupled with its distribution platform, enabling fast and efficient integration of new

operations and capacity to capture synergies

11

37

Appendix

A. Financial Highlights

4Q18/2018FY

39

Highlights

• Company of the year “Melhores da Dinheiro Rural” (2018);

• Datafolha’s Award of Best Rice, Beans and Sugar brands

for Camil and União (2018);

• Camil in “The 5 most” ranking of 2018 in the Sugar and

Tuna categories by Revista Super Varejo;

• IR Magazine Awards Prize 2018 – Best IR by CEO or CFO

Small cap and Best IR Executive Small cap;

• Multiple honors by Institutional Investor;

• Camil is one of the “Innovation Champions”, by Revista

Amanhã;

• “The Largest and the Best” by Exame (2018);

• “Valor 1000” Prize (2018);

• “RA 1000” Stamp 2018 (Attendance);

• Award “APAS Acontece” by Mercearia Commodities

Awards

Launches

Highlights of 2018News and Announcements

• Camil: “Arroz Minuto Caseiro”;

• União: Launch of cake mix;

• Coqueiro: Tuna and Sardine Fillets

• Camil Alimentos CRA IV Debenture Issuance with total value of R$600 mm in Apr/19

• 2nd Share Repurchase Program was approved, of up to 3.565.275 common shares, with Oct/19 as the final date

• SLC Alimentos Incorporation approved at Camil’sExtraordinary General Meeting in Mar/19

• Launch of the New Factory in Suape (PE) in Mar/19, with multi-category production and a distribution center attached

2018 Highlights

• SLC Alimentos Acquisition and Incorporation;

• IPO: 1-year celebration of Camil’s IPO in Sep/2018;

• IOE: distribution of R$85mm in the fiscal year;

• La Loma Selling (Argentina) in August 2018;

• Market Maker in August 2018;

• Share Repurchase 1st Program concluded in June 2018 and 2nd Program approved in April 2019;

• Administration: Installation of Management Committees;

• Market: Truck drivers´ strike in May 2018.

Recent events

R$100 million Net Profit ( +29.8%)

7.5% Net Margin ( +0.6pp)

40

Financial Highlights of 4Q18

R$1.3 billion Net Revenue ( +19.3%)

R$988 million Brazil Food Segment ( +28.8%)

R$344 million International Food Segment ( -1.4%)

1 Excluding the effects of non-recurrent revenues in other operating revenues (expenses), financial result

and income tax.

R$322 million Gross Profit( +13.2%)

24.2% Gross Margin ( -1.3pp)

R$115 million EBITDA ( -3.5%)

8.6% EBITDA Margin ( -2.0pp)




5.8% Net Margin ( -1.1pp)

Excluding the effects of non-recurrent revenues and expenses¹:

Highlights (var. YoY)

4Q18: Gross Revenue Breakdown (R$mm)

R$1.5 billion Gross Revenue ( +16.9%)

Net Revenue grows 19.3% in the period, with an increase of 13.2% in the Brazil Food Segment´s Net Revenue, driven by SLC Alimentos

acquisition in the period

4Q18: Profitability Evolution (R$mm)

Highlights (var. YoY) Profitability Evolution (R$mm)

2018: Gross Revenue Breakdown (R$mm)

Growth of 1.8% in Net Revenue in the period, with an increase of 5.3% in the International Food Segment Net Revenue, driven by

Exchange rate effect in the period


7.6% Net Margin ( +2.3pp)

41

Financial Highlights of the Year


R$3.3 billion Brazil Food Segment ( +0.4%)

R$1.4 billion International Food Segment ( +5.3%)

1 Excluding the effects of non-recurrent revenues in other operating revenues (expenses), financial result

and income tax.

R$1.2 billion Gross Profit ( +6.2%)

25.7% Gross Margin ( +1.1pp)





R$249 million Net Profit ( -0.6%)

5.2% Net Margin ( -0.1pp)

Excluding the effects of non-recurrent revenues and expenses¹:

R$5.5 billion Gross Revenue ( +1.2%)

42

Operational Highlights

Annual Volume Evolution (k ton) Quarterly Volume Evolution (k ton)

Uruguai73%

Chile13%

Peru13%

Argentina1%

Uruguai77%

Chile11%

Peru12%

Brasil68%

Internacional32%

Brasil75%

Internacional25%

Volume Breakdown by Country (%) Volume Breakdown by Segment (%)

201820184Q18 4Q18

Growth of 16.8% in the quarterly consolidated volume YoY, driven by the growth in grains in the period and

reduction of 4.4% YoY in the year, with an international volume reduction in the period

43


Sales Volume

• 4Q18: 197.7 k tons (+48.0% QoQ and +54.0% YoY)

• 2018: 630.1 k tons (+5.7% YoY)

Sales Volumes ex-SLC Alimentos:


• 2018: 579.7 k tons (-2.8% YoY)

Average Raw Material Price¹

• 4Q18: R$40.09/bag (-8.9% QoQ and +9.5% YoY)

• 2018: R$40.41/bag in 2018 (+5.3% YoY)

Camil Gross Price

• 4Q18: R$2.46/kg (-5.4% QoQ and +5.5% YoY)

• 2018: R$2.46/kg (+3.8% YoY)

Source: Company Source: Esalq Senar¹, Company

We highlight volume increase in the quarter and a challenging sales scenario in the year

Rice – Volume and Camil Net Price Rice – Brazil Market Price vs. Camil Gross Price

Rice – Product Portfolio Rice – Highlights

¹Source: CEPEA; Paddy Rice Index Esalq/Senar-RS 50kg.

Source: Company

Mai

nst

ream

Val

ue

pri

cin

g b

ran

ds

2.0

2.1

2.2

2.3

2.4

2.5

2.6

2.7

30

35

40

45

50

55

60

Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19

Cam

il (

R$

/kg)

Esal

q S

en

ar (R

S/5

0kg

)

Brazil - Rice Price Gross Prices

44


Source: Company Source: Agrolink¹, Company

We highlight quarterly and annual growth in volumes

Beans - Volume and Net Price Camil Beans – Brazil Market Price vs. Camil Gross Price

Beans – Product Portfolio Beans – Highlights

¹Source: Agrolink; Carioca Beans Indicator Sc 60kg.Source: Company

Sales Volume


• 2018: 80.2 k tons (+10.8% YoY)

Sales Volumes ex-SLC Alimentos:

• 4Q18: 19.4 k tons (-3.4% QoQ and +18.2% YoY)

• 2018: 76.1 k tons (+5.1% YoY)


• 4Q18: R$191.12/bag (+91.8% QoQ and +93.2% YoY)

• 2018: R$122.64/bag (-7.2% YoY)

Camil Gross Price

• 4Q18: R$4.62/kg (+40.9% QoQ and +43.0% YoY)

• 2018: R$3.69/kg (-4.2% YoY)

Mai

nst

ream

Val

ue

pri

cin

g b

ran

ds

-

1.00

2.00

3.00

4.00

5.00

6.00

7.00

0

50

100

150

200

250

300


Cam

il (R

$/kg

)

Agr

olin

k (R

S/60

kg)

Brazil - Beans Price Camill - Gross Price

45


Source: Esalq Senar Source: Esalq Senar, Company

We highlight volumes growth in the quarter YoY

Sugar – Volume and Camil Net Price Sugar – Brasil Market Price vs. Camil Gross Price

Sugar – Product Portfolio Sugar – Highlights

Source: Company

¹Source: CEPEA; Cristal Sugar Indicator Esalq-SP 50kg.

Sales Volume


• 2018: 525.5 k tons (-2.9% YoY)


• 4Q18: R$68.63/bag in 4Q18 (+6.8% QoQ and +12.7% YoY)

• 2018: R$60.30/bag in 2018 (-6.1% YoY)

Camil Gross Price

• 4Q18: R$2.02/kg (-3.3% QoQ and -4.5% YoY)

• 2018: R$2.04/kg (-8.1% YoY)

Mai

nst

ream

Val

ue

pri

cin

g b

ran

ds

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0

40

50

60

70

80

90

100


Cam

il (

R$

/kg)

Esal

q C

EPEA

SP

(R

S/5

0kg

)

Brazil - Sugar Price Camill - Gross Price

46

Brazil Food Segment | Fish

Source: Company Source: Company

We highlight volumes growth in the quarter (QoQ and YoY)

Fish - Volume and Net Price Camil Fish – Gross Price Camil (R$/kg)

Fish – Product Portfolio Fish – Highlights

Source: Company

Sales Volume


• 2018: 35.2 k tons (-2.3% YoY)

Raw Material

• Continued difficulties in local fishing for sardines;

• Improvement in local fishing for tuna.

Camil Gross Price

• 4Q18: R$20.31/kg (+1.3% QoQ and -2.9% YoY)

• 2018: R$20.39/kg (+5.0% YoY)

Mai

nst

ream

Val

ue

pri

cin

g b

ran

ds

16

17

18

19

20

21

22

23

fev-17 mai-17 ago-17 nov-17 fev-18 mai-18 ago-18 nov-18 fev-19

Camill - Gross Price

47

International Food Segment

Chile

Uruguay

Domestic

Market

Export

Market

Peru

Sales Volume

• 4Q18: 131.0 k tons (-4.0% QoQ and -8.5% YoY)

• 2018: 457.6 k tons (-16.5% YoY)

Gross Price in BRL

• 4Q18: R$1.81 (-14.8% QoQ and +7.6% YoY)

• 2018: R$1.95/kg (+21.4% YoY)

Source: Company

Source: Company

International – Quarterly Volume Evolution (k ton)

International – Breakdown (%)

We highlight volumes increase in Chile

International – Main Remarks

Sales Volume

• 4Q18: 18.6 k tons (-9.0% QoQ and +1.9% YoY)

• 2018: 79.4 k tons (+4.8% YoY)

Gross Price in BRL

• 4Q18: R$5.32 (-5.3% QoQ and +2.1% YoY)

• 2018: R$5.67/kg (+13.5% YoY)

Sales Volume

• 4Q18: 21.0 k tons (-5.5% QoQ and -6.9% YoY)

• 2018: 83.6 k tons (-11.2% YoY)

Gross Price in BRL

• 4Q18: R$4.70 (-2.3% QoQ and +16.4% YoY)

• 2018: R$4.63/kg (+16.6% YoY)

717,935

620,559

97,712

191,687 183,956 170,632 123,098

144,846179,120 170,632

Uruguai73%

Chile13%

Peru13%

Argentina1%

Uruguai77%

Chile11%

Peru12%

Domestic

Market

48

Financial Highlights

Camil reaches Gross Profit of R$322mm (+13% YoY) with Gross Margin of 24.2% in the quarter and

R$1.2 billion (+6.2% YoY) with 25.7% in the year

Statements (in R$ millions) 4Q17 3Q18 4Q18 4Q18 vs 4Q18 vs 12M17 12M18 12M18 vs.

Closing Date 28-Feb-18 31-nov-18 28-Feb-19 4Q17 3Q18 28-Feb-18 28-Feb-19 12M17

Net Revenues 1,116.3 1,266.8 1,332.0 19.3% 5.1% 4,663.0 4,748.8 1.8%

(-) Cost of Sales and Services (831.4) (946.9) (1,009.6) 21.4% 6.6% (3,512.5) (3,527.1) 0.4%

Gross Profit 284.9 319.9 322.4 13.2% 0.8% 1,150.5 1,221.7 6.2%

(-) SG&A (198.0) (231.1) (263.0) 32.8% 13.8% (782.2) (923.9) 18.1%

(+/-) Equity (Earnings)/Losses in Uncons. Subs. (0.6) (0.3) (0.4) -29.1% 33.3% (1.9) (1.0) -47.4%

Other Operating Income 9.8 39.2 28.9 195.3% n.a. 33.2 85.2 156.6%

EBIT 96.1 127.7 87.9 -8.6% -31.2% 399.6 382.0 -4.4%

(+/-) Finacial Result (13.0) 18.8 (16.6) 27.5% -188.3% (74.4) (16.0) -78.5%

Pre-Tax Income 83.1 146.5 71.3 -14.2% -51.3% 325.2 366.0 12.5%

(-) Total Income Taxes (5.8) 3.8 29.0 -596.2% 663.2% (74.5) (3.6) -95.2%

Net Income 77.3 150.3 100.3 29.8% -33.3% 250.7 362.4 44.6%


Net Income 77.3 150.3 100.3 29.8% -33.3% 250.7 362.4 44.6%

(-) Net Finacial Result 13.0 (18.8) 16.6 27.5% -188.3% 74.4 16.0 -78.5%

(-) Income Taxes 5.8 (3.8) (29.0) -596.2% 663.2% 74.5 3.6 -95.2%

(-) Depreciation and Amortization 23.2 23.7 27.3 17.7% 15.2% 90.2 101.4 12.4%

(=) EBITDA 119.3 151.4 115.2 -3.5% -23.9% 489.8 483.4 -1.3%

MarginsGross Margin 25.5% 25.3% 24.2% -1.3pp -1.0pp 24.7% 25.7% 1.1ppEBITDA Margin 10.7% 12.0% 8.6% -2.0pp -3.3pp 10.5% 10.2% -0.3ppNet Margin 6.9% 11.9% 7.5% 0.6pp -4.3pp 5.4% 7.6% 2.3pp

49

Financial Highlights: Gross Revenue

2018: Brazil - Gross Revenue by Category (R$mm)

2018: International - Gross Revenue by Country (R$mm)

4Q18: Brazil – Gross Revenue by Category (R$mm)

4Q18: International – Gross Revenue by Country (R$mm)

Gross Revenue reached R$1.5 billion in the quarter (+16.9% YoY) and R$5.5 billion in the year (+1.2% YoY)

50

Financial Highlights: COGS and Gross Profit

Net Revenue Quarterly Evolution vs. Costs (R$mm) Net Revenue Annual Evolution vs. Costs (R$mm)

COGS – Highlights

COGS 4Q18: R$1.0 billion (+21.4% YoY)

• Brazil: +32.4% YoY

• SLC Alimentos acquisition in 4Q18

• increase in average Market prices

• International: -3.2% YoY

• reduction in raw material prices in Uruguay

• sales reduction in Uruguay and Peru

COGS 2018: R$3.5 billion (+0.4% YoY)

• Brazil: -0.4% YoY

• average sugar Market price reduction

• International: +2.6% YoY

• exchange rate variation in the period (average Exchange

BRL/USD +16.6%)

Camil reached Gross Profit of R$322mm (+13% YoY) with Gross Margin of 24.2% in the quarter and

R$1.2 billion (+6.2% YoY) with a 25.7% margin in the year

Gross Margin Evolution by Segment (%)

26%24%

22%21%

24%

24%

24%25%

26%28%

23%22%

24%

24%

25%26%

26%28%

25%24%

R$600

R$700

R$800

R$900

R$1,000

R$1,100

R$1,200

R$1,300

1Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q174Q171Q182Q183Q184Q18

Net Revenues COGS Gross Margin

51

Financial Highlights: Costs and Expenses

SG&A/Net Revenue Quarterly Evolution (%) SG&A/Net Revenue Annual Evolution (%)

SG&A – Highlights of the Quarter

4Q18: R$263 million (+32.8% YoY)/ 2018: R$924 million (+18.1% YoY)

• sales expenses: +32.9% YoY 4Q18 and +16.1% YoY in the year

• Brazil: +49.7% YoY 4Q18 and +19.3% YoY in the year

• SLC Alimentos acquisition and freight expenses

increase

• International: +5.7% YoY 4Q18 and +10.1% YoY in the year

• currency: R$7.6 million 4Q18 and R$28 million in 2018

• growth in sales expenses in Chile

• G&A: +32.6% YoY 4Q18 and +22.7% YoY in the year

• Brazil: +39.7% YoY 4Q18 and +22.8% YoY in the year

• SLC Alimentos acquisition and projects expenses

• International: +9.8% YoY 4Q18 and +22.3% YoY in the year

• currency: R$1.8 million 4Q18 and R$5.1 million in 2018

Growth in SG&A in the periods driven by SLC Alimentos acquisition and freight expenses

Other Operating Revenues/Expenses

4Q18: +R$29.0 million (+209.7% YoY)

+R$27.9 million in non-recurrent revenues:

• (+) 25.8 million in tax credits

• (+) 12.8 million in provision adjustments for the closure of São Gonçalo

plant

• (-) R$6.3 million in provision for the closure of Sertãozinho plant

2018: +R$84.2 million (+169.0% YoY)

+R$79.1 million in non-recurrent revenues:

• (+) 93.0 million in credits for ICMS subsidy

• (+) R$9.5 million in other tax credits and Funrural

• (+) R$15.3 million for the selling of La Loma (Argentina)

• (-) R$31.4 million in provision for the closure of São Gonçalo plant

• (-) R$6.3 million provision for the closure of Sertãozinho plant

16%16%15%15%

16%16%17%

17%17%

15%

13%

16%16%16%

16%17%

21%

18%

15%

18%

11%11%11%10%11%11%10%11%11%10%

9%

11%11%12%

11%12%

13%13%13%

14%

5% 5% 5% 4%5% 5% 5%

7%

5% 5% 4%

6%5% 5% 5% 5%

7% 6%6% 6%

0%

5%

10%

15%

20%

25%

1Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q174Q171Q182Q183Q184Q18

Operating Expenses Selling Expenses G&A Expenses

Indebtedness R$1.4 billion(+11.1% YoY and +3.1% QoQ):• SLC Alimentos Acquisition• CRA Debentures Emission

Subsequent EventApr/19: R$600mn CRA Debentures withfull amortization in on maturity

1st series: 98% of DI Rate andmaturity on Apr/23

2nd series: 101% of DI Rate andmaturity on Apr/25

Liability ManagementWe issued R$1.4 billion in CRADebentures in the last 2 years, at costsclose to 100% of the DI rate.

52

Financial Highlights: Financial Result and Indebtedness

Liability Management: Debt cost reduction

Financial Result Annual Evolution (R$mm)

Indebtedness (R$mm)

Financial Result Quarterly Evolution (R$mm)

+R$41.5 million non-recurrent in

2018

Debt (in R$mn) 4Q17 3Q18 4Q18 4Q18 vs 4Q18 vs

Closing Date 28-Feb-18 31-nov-18 28-Feb-19 4Q17 3Q18

Total Debt 1,285.7 1,386.0 1,428.8 11.1% 3.1%

Loans and financing 310.0 404.3 448.7 44.7% 11.0%Debentures 975.7 981.7 980.1 0.5% -0.2%Short Term 160.0 275.9 514.1 221.3% 86.3%Long Term 1,125.8 1,110.1 914.7 -18.8% -17.6%

LeverageGross Debt 1,285.7 1,386.0 1,428.8 11.1% 3.1%

Cash and Cash Equivalents +

financial applications714.7 461.4 396.7 -44.5% -14.0%

Net Debt 571.0 924.6 1,032.1 80.8% 11.6%Net Debt/EBITDA LTM 1.2x 1.9x 2.1x 1.0x 0.2x

53

Profitability Evolution: Net Profit, EBITDA and Margins

Gross Margins Quarterly Profitability Evolution (%) Gross Margin Annual Profitability Evolution

Gross Margins Quarterly Profitability Evolution (%) Annual EBITDA Profitability Margins Evolution (%)

We are focused in efficiency and sales growth recovery to achieve profitability increase

Investment Grade Indebtedness Profile

54Notes:

(1) Financial covenant of 3.5x Net Debt / EBITDA LTM

Stable outlook by S&P mainly backed by better expectations on enhanced credit metrics, leverage reduction and stable margins, all

supported by solid financial policies

Brazilian food processor and distributor Camil Alimentos has presented solid

credit metrics and resilient margins, despite volatile commodity prices and

economic conditions still recovering in Brazil, the company's main operating

country.

The recent acquisition of SLC Alimentos is part of Camil's growth, which we had

already incorporated into the ratings that we attributed to the company the

potential volatility in its metrics resulting from acquisitions.

The Brazilian sovereign rating continues to limit the company's ratings, and the

stable outlook (…). Camil's stand-alone credit profile (SACP) reflects our

expectation that, although it continues to seek new acquisitions, its EBITDA debt

ratio will remain below 3x and that the company will generate a positive free

cash flow for supporting liquidity.

Standard & Poor’s, November 2018

Constant monitoring of the company’s liquidity

situation by the implementation of a minimum cash

position policyP

Maximum indebtedness defined by financial covenant

of 3.5x Net Debt / EBITDA LTM1P

1

Main Financial Policies and Indebtedness Evolution (R$ mm, except otherwise indicated)

Camil Alimentos Credit Rating by S&P S&P Recent Quotes on Camil Alimentos

Source: Bloomberg, April 2019

468

616

793

625

764

915 913 893 923 959 1.068

899 986

1.149

1.330

998 1.003

1.260 1.170

1.014 1.074

1.215

744

571 604

829 925

1.032

2,0 x

2,4 x2,7 x

2,0 x2,2 x

2,5 x 2,5 x2,4 x 2,5 x 2,6 x

2,8 x

2,5 x2,7 x

3,1 x3,4 x

2,4 x 2,2 x2,4 x

2,1 x1,9 x 2,0 x

2,5 x

1,6 x

1,2 x1,4 x

1,8 x 1,9 x2,1 x

3,5 x

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

Net Debt Net Debt / EBITDA LTM Covenant

55Notes:

(1) Excluding cash flow from change in short-term investments

The company’s seasonal cash flow is mainly explained by (i) its working capital seasonality and (ii) the historical

capex spent in assets acquisitions (M&A)

Breakdown of FCF1

(R$ mm) and EBITDA-to-FCF conversion (%)

Quarterly Working Capital Evolution (R$ mm) Quarterly Capex Breakdown Evolution Breakdown (R$ mm)

Solid Historical Cash Flow Generation

(68)

(124)

13 54 38

3

(37)

242

(13)(53)

(137)

340

15

(237)

208 230

86

(119)

159

266

39

(184)

(82)

3

(64)

13

(81)

37 20

134

(51) (56) (35)

80

(217)

242

(148)

24

(66)

355

(320)

98

4

289

44

(95)

(195)

(65)

(63)%(133)%

15% 58% 36% 3% (42)%

315%

(12)% (50)%(126)%

322%

11%(134)%

143%235%

67%

(104)%

123%223%

47%

(137)%(53)% 2%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

FCF Total Cash Flow FCF as % EBITDA

R$0

R$250

R$500

R$750

R$1,000

R$1,250

R$1,500

1Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q174Q171Q182Q183Q184Q18Accounts Receivable Inventories Adv. to SuppliersSuppliers Total Working Capital

Appendix

B. Financial Highlights

Latest Results: 2Q19

August-2019• Closure of the Company´s 2nd Share Buyback Program.

3,565,275 ordinary shares were repurchased, totaling9,386,846 treasury shares;

• União sugar line´s new packaging brings a very attractivevisual unit, valuing the brand´s position

• Super Barra Launch accomplishing our refined retail sugarpackaging process internalisation project, looking toincrease competitiveness and efficiency in sugar.

• IOE Payment of R$15mm paid in September;

July-2019• União is leader in the Sugar Category for the

Abase/Nielsen Prize reflecting the success in Bahia SalesTeam and the Company´s strategy for this brand andcategory

June-2019• IOE Payment of R$21mm, R$6mm approved in AESM and

R$15mm approved in Board of Directors meeting;

R$40 million Net Income ( -49.3%)

3.3% de Margem Líquida ( -3.6pp)

2Q19 Financial Highlights

YoY Comparisons

57

Highlights


R$886 milhões Brazil Food Segment ( +10.7%)R$337 milhões International Food Segment ( -2.2%)

Latest News

and subsequent events

2.9x Net Debt/EBITDA

Quarter highlighted by grains volume increase;

+3.0% QoQ and +19.1% YoY.

R$284 million Gross Profit ( -10.3%)

23.2% Gross Margin ( -4.4pp)



58

Main Indicators

Camil reaches Net Revenue of R$1.2 billion (+6.8% YoY) in the quarter

Highlights 2Q18 1Q19 2Q19 2Q19 vs 2Q19 vs

Closing Date 31-Aug-18 31-may-19 31-Aug-19 2Q18 1Q19

Net Revenues 1,145.6 1,237.1 1,223.6 6.8% -1.1%

Food Products Brasil 800.9 941.5 886.4 10.7% -5.8%

Food Products International 344.7 295.6 337.1 -2.2% 14.0%

Gross Profit 316.1 286.8 283.7 -10.3% -1.1%

Gross Margin (%) 27.6% 23.2% 23.2% -4.4pp 0.0pp

EBITDA 134.6 83.0 88.7 -34.1% 6.9%

EBITDA Margin (%) 11.7% 6.7% 7.3% -4.5pp 0.5pp

Net Income 79.1 49.8 40.1 -49.3% -19.4%

Net Margin (%) 6.9% 4.0% 3.3% -3.6pp -0.7pp

Capex 35.7 29.9 38.2 7.0% 27.8%

Operational Highlights - Volume (in thousand ton)

Volume - Brazil

Grains 182.2 210.6 216.9 19.1% 3.0%

Rice 162.7 187.2 190.4 17.0% 1.7%

Beans 19.5 23.3 26.5 36.3% 13.7%

Sugar 132.2 137.5 119.5 -9.6% -13.0%

Canned Fish 8.1 7.0 6.1 -24.9% -13.4%

Volume - International 144.8 110.6 145.2 0.2% 31.2%

Uruguay 104.0 69.4 101.6 -2.3% 46.4%

Chile 19.9 20.5 21.6 8.4% 5.4%

Peru 20.9 20.7 21.9 5.1% 6.0%1 SLC Alimentos Results consolidated as of the conclusion of the acquisition (December 3, 2018).

2 Information on International Volume exclude La Loma, Argentinian subsidiary with 100% of Camil´s participation sold in 2Q18.

59

Operational Highlights

2Q19 Volume and Revenue Breakdown (%)

Increase of 4.4% in the quarterly consolidated volume, driven by volumes increases in grains and International Food Segment,

negatively impacted by the decrease in sugar and fish volumes

+4.4% YoY

Canned Fish 6k-24.9% YoY-13.4% QoQ

Sugar 120k-9.6% YoY-13.0% QoQ

Beans 27k+36.3% YoY+13.7% QoQ

Rice 190k+17.0% YoY+1.7% QoQ

0

100.000

200.000

300.000

400.000

500.000

600.000

1T14 2T14 3T14 4T14 1T15 2T15 3T15 4T15 1T16 2T16 3T16 4T16 1T17 2T17 3T17 4T17 1T18 2T18 3T18Arroz Brasil Feijão Açúcar Pescados Internacional

0

100.000

200.000

300.000

400.000

500.000

600.000


0

100.000

200.000

300.000

400.000

500.000

600.000


0

100.000

200.000

300.000

400.000

500.000

600.000


0

100.000

200.000

300.000

400.000

500.000

600.000

1T14 2T14 3T14 4T14 1T15 2T15 3T15 4T15 1T16 2T16 3T16 4T16 1T17 2T17 3T17 4T17 1T18 2T18 3T18Arroz Brasil Feijão Açúcar Pescados InternacionalInternational 145k

+0.2% YoY+31.2% QoQ

2T19

Quarterly Volume Evolution (k ton)

2Q19 Sales Volumes (‘000 ton)

Volume Net Revenue

+4.7% QoQ

60


Sales Volume: 190.4 thousand tons

+17.0 % YoY

+1.7% QoQ

Average raw material price¹: R$43.60/bag

+4.6% YoY

+4.4% QoQ

Gross Price Camil: R$2.48/kg

-0.5% YoY

+3.1% QoQ

We highlight increase in volumes in 2Q19 YoY and QoQ

Rice – Camil’s Volume and Net Prices Rice – Market Prices vs. Camil’s Gross Prices

Rice – Product PortfolioRice – Quarterly Highlights

Mai

nst

ream

Val

ue

Pri

cin

gB

ran

ds

Struggle to transfer cost increases to prices

SLC Alimentos acquisition, with volumes increase YoY and QoQ

197,696187,227 190,369 190,369

Source: Company Source: Esalq Senar¹, Company

Source: Company

¹Source: CEPEA; rice indicator Esalq/Senar-RS 50kg.

Mai

nst

ream

Val

ue

Pri

cin

gB

ran

ds

61

We highlight volumes increase YoY and QoQ

Beans– Product Portfolio

Sales volume: 26.5 thousand tons

+36.3% YoY

+13.7% QoQ

Average raw material price: R$143.55/bag

+41.0% YoY

-44.0% QoQ


+15.4% YoY

-23.5% QoQ

SLC Alimentos acquisition , with volumes increase YoY and QoQ

Beans – Quarterly Highlights

23.468 23.340

26.533 26.533


Beans - Camil’s Volume and Net Prices Beans - Market Prices vs. Camil’s Gross Prices

Source: Company Source: Agrolink, Company

Source: Company

¹Source: Agrolink; beans indicator Sc 60kg

62

We launched Camil´s 13th

industrial unit, accomplishing our refined retail sugar packaging process internalisation project,

looking to increase competitiveness and efficiency in sugar.

Sugar - Camil’s Volume and Net Prices Sugar - Market Prices vs. Camil’s Gross Prices

Sugar – Product PortfolioSugar – Quarterly Highlights

Mai

nst

ream

Val

ue

Pri

cin

gB

ran

ds

Sales Volume: 119.5 mil tons

-9.6% YoY

-13.0% QoQ

Average raw material price¹ : R$60.77/saca

+10.9% YoY

-11.3% QoQ


+1.5% YoY

+8.0% QoQ

Launch of the sugar packaging industrial unit in Barra Bonita

Restriction in raw material supply in the period


Source: Company Source: Esalq-Senar; Company

Source: Company

¹Source: CEPEA; Cristal Sugar indicator Esalq-SP 50kg.

63

Brazil Food Segment | Canned Fish

We highlight improvement in tuna fishing in the period

Canned Fish - Camil’s Volume and Net Prices Canned Fish - Camil’s Gross Prices

Canned Fish – Product PortfolioCanned Fish – Quarterly Highlights

Mai

nst

ream

Val

ue

Pri

cin

gB

ran

ds


-24.9% YoY

-13.4% QoQ

Gross price Camil: R$20.26/kg

+0.4% YoY

-1.3% QoQ

Continued struggle in local sardine fishingImprovement in local tuna fishing

Source: Company Source: Company

Source: Company

64

International Food Segment

Chile

Uruguay

Peru

International Operational Performance – Quarterly Evolution (‘000 ton)

We highlight volumes increase in Chile and Peru and the recovery of exports in Uruguay

International - Main Considerations

By CountryBy Segment


• -2.3% YoY

• +46.4% QoQ

Gross price in R$: 1,89

• -5.9% YoY

• -3.2% QoQ


+8.4% YoY

+5.4% QoQ

Gross price in R$: 5.46

• -7.8% YoY

• -5.3% QoQ

Good

profitability

maintainance

Gross price in CLP/ton:

• -2.1% YoY

• -1.8% QoQ


+5.1% YoY

+6.0% QoQ

Gross price in R$: 4.90

• +4.9% YoY

• -0.1% QoQ

Gross price in PEN/ton:

• +5.4% YoY

• +1.2% QoQ

Sales recovery

Gross price in US$/ton:

• -7.7% YoY

• -2.7% QoQ

Exports

Recovery

Export Market

Domestic

Market

Domestic

Market

Source: Company

Source: Company

International – Breakdown 1Q19 (%)

65

Financial Highlights

Statements (in R$ millions) 2Q18 1Q19 2Q19 2Q19 vs 2Q19 vs

Closing Date 31-ago-18 31-may-19 31-Aug-19 2Q18 1Q19

Net Revenues 1.145,6 1.237,1 1.223,6 6,8% -1,1%

(-) Cost of Sales and Services (829,5) (950,3) (939,9) 13,3% -1,1%

Gross Profit 316,1 286,8 283,7 -10,3% -1,1%

(-) SG&A (226,9) (238,5) (227,7) 0,3% -4,5%

(+/-) Equity (Earnings)/Losses in Uncons. Subs. 0,7 (0,4) (1,8) -362,4% 359,3%

Other Operating Income 19,1 1,4 0,8 -95,8% -42,6%

EBIT 109,0 49,3 55,0 -49,6% 11,5%

(+/-) Finacial Result (6,1) (10,8) (18,2) 198,5% 68,6%

Pre-Tax Income 102,9 38,5 36,8 -64,3% -4,5%

(-) Total Income Taxes (23,8) 11,3 3,3 -114,1% -70,4%

Net Income 79,1 49,8 40,1 -49,3% -19,4%

Adj. Net Income² 68,0 49,8 40,1 -41,0% -19,4%


Net Income 79,1 49,8 40,1 -49,3% -19,4%

(-) Net Finacial Result 6,1 10,8 18,2 198,5% 68,6%

(-) Income Taxes 23,8 (11,3) (3,3) -114,1% -70,4%

(-) Depreciation and Amortization 25,6 33,7 33,8 31,9% 0,2%

(=) EBITDA 134,6 83,0 88,7 -34,1% 6,9%

(+/-) Non Recurring Revenues/Expenses² 15,3 - - - -

(=) Adj. EBITDA² 119,3 83,0 88,7 -25,6% 6,9%

MarginsGross Margin 27,6% 23,2% 23,2% -4,4pp 0,0ppEBITDA Margin 11,7% 6,7% 7,3% -4,5pp 0,5ppAdj. EBITDA Margin² 10,4% 6,7% 7,3% -3,2pp 0,5ppNet Margin 6,9% 4,0% 3,3% -3,6pp -0,7ppAdj. Net Margin² 5,9% 4,0% 3,3% -2,7pp -0,7pp

2Q18 2Q19 2Q19 vs 2Q18 2Q19 2Q19 vs 2Q18 2Q19 2Q19 vsClosing Date 31-Aug-18 31-Aug-19 2Q18 31-Aug-18 31-Aug-19 2Q18 31-Aug-18 31-Aug-19 2Q18Net Revenues 800.9 886.4 10.7% 344.7 337.1 -2.2% 1,145.6 1,223.6 6.8%

(-) Cost of Sales and Services (588.7) (693.0) 17.7% (240.8) (246.9) 2.5% (829.5) (939.9) 13.3%Gross Profit 212.2 193.4 -8.8% 103.9 90.2 -13.2% 316.1 283.7 -10.3%

(-) SG&A (157.9) (161.5) 2.3% (69.0) (66.1) -4.2% (226.9) (227.7) 0.3%

(+/-) Other operating income

(expenses) and Equity

(Earnings)/Losses in Uncons. Subs.

3.2 (0.1) -103.5% 16.6 (0.9) -105.6% 19.8 (1.0) -105.2%

EBIT 57.5 31.8 -44.7% 51.5 23.2 -55.0% 109.0 55.0 -49.6%(+/-) Finacial Result 3.0 (15.1) -603.5% (9.1) (3.1) -66.0% (6.1) (18.2) 197.6%

(-) Debt Interest Expense (47.5) (42.0) -11.6% (17.0) (7.2) -57.8% (64.5) (49.2) -23.8%(+) Interest Income 50.5 26.9 -46.8% 7.9 4.1 -48.3% 58.4 31.0 -47.0%

Pre-Tax Income 60.5 16.7 -72.4% 42.4 20.1 -52.6% 102.9 36.8 -64.3%Total Income Taxes (18.0) 8.7 -148.1% (5.8) (5.3) -8.4% (23.8) 3.3 -114.1%Net Income 42.5 25.3 -40.4% 36.6 14.8 -59.6% 79.1 40.1 -49.3%(=) EBITDA 72.2 54.4 -24.7% 62.5 34.3 -45.1% 134.7 88.7 -25.6%MarginsGross Margin 26.5% 21.8% -4.7pp 30.1% 26.8% -3.4pp 27.6% 23.2% -4.4ppEBITDA Margin 9.0% 6.1% -2.9pp 18.1% 10.2% -7.9pp 11.8% 7.3% -4.5ppNet Margin 5.3% 2.9% -2.4pp 10.6% 4.4% -6.2pp 6.9% 3.3% -3.6pp

Food Products BrazilResult Statements Food Products International Consolidated

66

Destaques Financeiros

Cost of sales and services

R$939.9 million (+13.3% YoY) 76.8% of Net Revenue

SLC Alimentos Acquisition;

Grains sales increase;

Increase in average raw material Market prices;

Increase in costs of sales and services in the International Segment

Gross Profit of 23.2% (-4.4pp): reflecting the struggle of transfering rawmaterial cost increase to prices

R$227.7 million (+0.3% YoY)

18.6% of Net Revenue

Growth of Brazil SG&A (+2.3% YoY):

Increase in sales expenses;

Remarks to the reduction of the impact of freights in Net Revenue (-0.7pp)

SLC Alimentos Incorporation;

Growth of D&A with the adoption of the IFRS 16 standard;

International SG&A Reduction (-4.2% YoY):

Reduction in expenses with La Loma (sold in 2Q18);

Sales reduction in Uruguay;

EBITDA Margin of 7.3% (-4.5pp): reflecting the decrease in gross margin with a slight YoY increase in SG&A.

SG&A

Debt (in R$mn) 2Q18 1Q19 2Q19 2Q19 vs 2Q19 vs

Closing Date 31-Aug-18 31-may-19 31-Aug-19 2Q18 1Q19

Total Debt 1,491.2 2,022.7 2,141.8 43.6% 5.9%

Loans and financing 512.8 445.1 555.6 8.4% 24.8%Debentures 978.4 1,577.6 1,586.2 62.1% 0.5%Short Term 365.0 539.2 915.4 150.8% 69.8%Long Term 1,129.0 1,483.6 1,226.4 8.6% -17.3%

LeverageGross Debt 1,491.2 2,022.7 2,141.8 43.6% 5.9%

Cash and Cash Equivalents +

financial applications666.1 965.7 869.0 30.5% -10.0%

Net Debt 825.1 1,057.0 1,272.8 54.3% 20.4%Net Debt/EBITDA LTM 1.8x 2.2x 2.9x 1.1x 0.7x

Net Financial Result of -R$18.2 million(vs. –R$6.1 million in 2Q18)

Increase in financial expenses

SLC Alimentos Acquisition

Cash Flow was seasonally negative in the period;

Interest over leases in the period (IFRS 16)

67

Financial Result and Debt

Fonte: Companhia

Net Financial Result

Debt (R$mm)

Source: Company

Debt Amortization Schedule (R$mm)

Liability Management: Debt cost reduction

915

418

194

280

3

331

539488

377

279

4

335

R$0

R$100

R$200

R$300

R$400

R$500

R$600

R$700

R$800

R$900

R$1.000

2020 2021 2022 2023 2024 Após 2024

31-Aug-19 31-mai-19

68

Quarterly Profitability Evolution (in R$mn)

Quarterly Margin Evolution (%)

2Q19 remarked by the reduction of margins due to the struggle in transferring cost increases to prices

Profitability Evolution: Net Income, EBITDA and Margins

Source: Company

Source: Company

Appendix

C. Industry Highlights

135.0

77.7

69.265.1

39.9

12.4 12.08.6

Notes:

(1) FAO / Estimated paddy production for 2017

(2) Rice husk represents ~32% of the grain’s total weight

Resilient Demand and Favorable Market Dynamics

Rice Industry | Brazil

Ton mm

World’s 9th

largest rice producer

China India Indonesia Peru Uruguay

9º

Brazil

kg/year

Indonesia China India Peru Brazil USA Chile Uruguay

Ton mm

Rice is highly penetrated in Brazil, being part of the country’s

cultural identity

70

Consumption Historically Stable

Production Historically Stable

Colombia

Ton mm

Largest Producers in the World1

National Production

Per capita Consumption by Country1

National Consumption of Paddy2

210.3

166.5

73.9

12.33 2.7 1.4

11.6 11.8 12.1 12.4

10.6

12.3 12.1

11/12 12/13 13/14 14/15 15/16 16/17 17/18E

11.7

12.6 12.0

11.5 11.4 12.0 12.0

11/12 12/13 13/14 14/15 15/16 16/17 17/18E

The rice industry in Brazil is characterized by a combination of (i) resilient demand based on cultural identity and (ii) high and stable

production levels

Chile - Total Consumption (‘000 tons)

Uruguay – Total Consumption3

(‘000 tons)

71

Growth Potential:

migration to packaged ricePCAGR13-17

: 1.6%

CAGR13-17

: 4.6%

CAGR13-17

: 0.4%

Broad marketP

Resilient marketP

Export marketP

Domestic

Market

Domestic

Market

Export Market

Source: Company filings, Kantar WorldPanel; AC Nielsen; MINAGRI; Odepa; Annual rice harvest report (Uruguai); Asociación Cultivadores de Arroz; Ministerio da Agricultura (Brazil)

Note: (1) Considers the sum of imports and total production; (2) Considers production data

Peru – Total Consumption1

(‘000 tons)

Resilient Demand and Favorable Market Dynamics (Cont’d)

Rice Industry | Peru, Chile and Uruguay

1,273 1,095

1,390 1,359 1,287

79

79

79 79 86

1,352 1,174

1,469 1,438 1,373

2013 2014 2015 2016 2017

Exports Total Consumption

2

3,189 3,054

3,306 3,482 3,402

2013 2014 2015 2016 2017

161 156

204 196 193

2013 2014 2015 2016 2017

Peru, Chile e Uruguay present: (i) resilient market e (ii) potential to consolidate

0.9 0.9

1.0

1.1

0.9

1.1

1.0

11/12 12/13 13/14 14/15 15/16 16/17 17/18E

72

1

CAGR11/12-17/18E: 1.4%

Ton mm Ton/hectare

3 annual crops in Brazil and only 1 in other producing countries

Price volatility due to beans perishability

R$/60 Kg sack Ton mm




Beans Industry | Brazil

National Production Average Productivity

Historical Price National Consumption

2.9 2.8

3.5

3.2

2.5

3.4

3.1

11/12 12/13 13/14 14/15 15/16 16/17 17/18E

3.5 3.3 3.4 3.4

2.8

3.3 3.3

11/12 12/13 13/14 14/15 15/16 16/17 17/18E

0

100

200

300

400

500

Aug-12

Nov-1

2

Feb-13

May-13

Aug-13

Nov-1

3

Feb-14

May-14

Aug-14

Nov-1

4

Feb-15

May-15

Aug-15

Nov-1

5

Feb-16

May-16

Aug-16

Nov-1

6

Feb-17

May-17

Aug-17

Nov-1

7

Feb-18

May-18

Aug-18

With stable production levels, the beans market in Brazil is also characterized by a combination of: (i) resilient demand based on cultural

identity and (ii) supply stability

Notes:

(1) CONAB; Agrolink; 15/16 crop registered significant drop in productivity due to rainfall scarcity during the period

58 57 5754

50

40 39 3937

21

Cuba Australia Brazil Guatemala European

Union

South

Africa

Mexico Colombia Thailand Global

Median

11.2 11.3 11.4 10.9 10.9 11.0

12/13 13/14 14/15 15/16 16/17 17/18E

Notes:

(1) USDA; CONAB; ISO/ Larges producers data refers to 2016 and per capita consumptions refers to average between 2013 and 2015

(2) Considers consumption of industrialized products 73

CAGR15/16-17/18E: 6.8%

kg/year Ton mm

Ton mm Ton mm

Largest producer in the world

1º

Brazil is one of the largest sugar consumers in the world




Sugar Industry | Brazil

Largest Producers in the World1

National Production

Per Capita Consumption1

National Consumption2

38.2 37.6 35.6

33.8

38.7 38.6

12/13 13/14 14/15 15/16 16/17 17/18E

39.0

24.8

15.5

10.0 9.37.8

6.1 5.8 5.6 4.6

Brazil India European

Union

China Thailand United

States

Mexico Russia Pakistan Australia

Brazil has a leading position in sugar production and consumption, presenting: (i) resilient demand and (ii) supply stability

(2.7)%

(0.7)%

1.7%

2.4%

392

474 483 507

485

2013 2014 2015 2016 2017

1,745 1,893 1,933 1,967 2,020

2013 2014 2015 2016 2017E

Notes:

(1) IBGE; ABPA; ABIEC; FAO; Euromonitor/ In 2017

(2) 2013 data 74

65.5

37.933.5

25.522.0 21.5 20.8

13.29.7

7.5

19.7

Hong

Kong

China France Italy Peru United

States

United

Kingdom

Chile Brazil Uruguay Global

Median

CAGR 13-17

(%)

kg/year Ton ‘000

Wide space to increase penetration Strong growth in the last years


Fish Industry | Brazil

National Production Per Capita Protein Consumption Growth

Ton ‘000

Beef

Pork

Poultry

Fish

The fish industry in Brazil is consistently growing, driven by the trend of the diversification of protein sources and increase in the

consumption of food with higher nutritional value

Per Capita Consumption2

National Sales

Appendix

D. Selected Comparable Companies

Source: Company Filings, 06-Jun-2019

(1) Assumes FX rates of 5.06 and 836.72 for MXN/BRL and COP/BRL, respectively

(2) Calculated based on the debt amortization schedule for each company 76

Selected Comparable Companies

(Figures in R$ mm1)

Brazil LatAm (ex-Brazil)

2

Ratings (Fitch/Moody´s/S&P) NA /NA /BB- BB- /NA /BB- BB /Ba2 /BB- BB- /Ba3 /BB- BB- /B2 /BB- AAA /NA / NA BBB /Baa2 /BBB AAA /WR /BBB AA- /NA /AA- NA /NA /NA NA /NA /NA BBB /Baa3 / BBB-

Ticker B3: CAML3 B3: BEEF3 B3: BRFS3 B3: JBSS3 B3: MRFG3 B3: MDIA3 BMV: BIMBOA BMV: GRUMAB BMV: HERDEZ BMV: LALAB BVC: NCH BVL: ALI

Market Capitalization $2,694 $2,000 $18,630 $7,821 $3,454 $14,509 $36,389 $18,501 $3,500 $10,320 $12,923 $7,671

TEV/EBITDA 9.22x 5.20x 13.09x 16.19x 3.37x 16.37x 8.40x 9.51x 6.35x 9.73x 11.79x 11.11x

LTM Period 28/02/2019 31/12/2018 31/12/2018 31/12/2018 31/12/2018 31/12/2018 31/12/2018 31/12/2018 31/12/2018 31/12/2018 31/12/2018 31/12/2018

Consolidated Figures

Financials:

Revenues $4,749 $16,215 $34,529 $181,700 $41,400 $6,025 $56,970 $14,633 $4,144 $14,905 $10,776 $7,203

Adjusted EBITDA 404 1,550 2,616 14,800 3,400 933 6,266 2,320 695 1,538 1,344 847

Adj. EBITDA Margin 8.5% 9.6% 7.6% 8.1% 8.2% 15.5% 11.0% 15.9% 16.8% 10.3% 12.5% 11.8%

Net Interest Expense $16 $2,484 $3,497 $8,282 $2,309 $46 $339 $250 $97 $485 $277 $184

Operating Cash Flow $94 $1,330 $1,533 $11,467 $1,519 $66 $4,209 $1,524 $274 $1,506 $1,008 $759

Capex $397 $189 $1,632 $2,897 $4,344 $301 $2,978 $811 $98 $481 $281 $193

Balance Sheet:

Cash & Equivalents $365 $4,397 $4,870 $8,935 $2,459 $464 $1,499 $679 $401 $504 $415 $901

Total Debt 1,429 10,468 22,556 56,154 14,857 1,249 17,747 4,248 1,312 5,237 3,332 2,639

Net Debt 1,032 6,063 15,610 47,218 8,000 764 16,248 3,569 911 4,643 2,917 1,738

Credit Ratios

Total Debt/EBITDA 3.54x 6.75x 8.62x 3.79x 4.37x 1.34x 2.83x 1.83x 1.89x 3.41x 2.48x 3.11x

Net Debt / EBITDA 2.6 3.9 6.0 3.2 2.4 0.8 2.6 1.5 1.3 3.0 2.2 2.1

Net Debt / (EBITDA-CAPEX) 151.8 4.5 15.9 4.0 -8.5 1.2 4.9 2.4 1.5 4.4 2.7 2.7

EBITDA / Net Interest Expense 25.4 0.6 0.7 1.8 1.5 20.2 18.5 9.3 7.2 3.2 4.8 4.6

(EBITDA-CAPEX) / Net Interest Expense 0.4 0.5 0.3 1.4 -0.4 13.6 9.7 6.0 6.2 2.2 3.8 3.6

EBITDA / Operational Cash Flow 4.3 1.2 1.7 1.3 2.2 14.2 1.5 1.5 2.5 1.0 1.3 1.1

% of Debt in USD 20% 74% 53% 95% 99% 46% 59% 59% 4% 0% 2.5% 16.2%

Debt Duration (years) 2.0 4.9 3.0 3.9 4.0 - 10.6 4.1 5.4 4.4 3.0 2.7

Investor Relations

Phone:

+55 11 3039-9238

+55 11 3039-9237

E-mail: [email protected]

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